Elliottwave-Forecast.com - Official Thread w/ Analysis Blogs

Lithium ETF (LIT) Needs One Leg Lower Before Continuing The Uptrend
August 6, 2023 By EWFLuis
The Global X Lithium & Battery Tech ETF (LIT) invests in the full lithium cycle, from mining and refining the metal, through battery production. The Global X Lithium & Battery Tech ETF (LIT) seeks to provide investment results that correspond generally to the price and yield performance, before fees and expenses, of the Solactive Global Lithium Index.
LIT WEEKLY CHART OCTOBER 2022
Lithium ETF (LIT) ended a bullish cycle in November 2021, and we call it wave (I). Wave I ended at 41.19 and we had a 3 waves correction to end wave II at 17.82. Then in March 2020, we saw a strong bounce toward 74.95 to complete wave III and a pullback as wave IV ending at 55.00. The latest rally made new 5 waves to finish at 97.26 and complete wave V and wave (I).


From this point the downward movement started, and it seems that it should complete a double correction before continuing with a rally. We can clearly see 3 swings down to complete wave w at 61.50. Then the x-connector ended at 82.15 and continue lower. Finishing the wave x, we called LIT could build a double correction structure as we can see in the chart. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
LIT WEEKLY CHART MARCH 2023


After 5 months, we can see LIT made 3 swings lower as expected ending wave ((W)) at 57.56. This drop confirmed a bearish sequences breaking 61.50 low of w in red. The bounce completed wave ((X)) at 72.77 and continued with the downtrend. From here, we need 3 swings more lower to end wave ((Y)) of the short term double correction.
LIT WEEKLY CHART AUGUST 2023


LIT has already finished 2 swings lower from wave ((X)) and needs to break below 57.56 to confirm the structure. To finish the short term double correction structure ((W)), ((X)) and ((Y)), the ETF needs one more swing lower to reach 46.61 – 24.62 area. Also this should end red wxy correction and wave (II) where it should rally to start a new uptrend.
Elliottwave Forecast updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.
Source:https://elliottwave-forecast.com/com...de-then-rally/

XLY Reacted Strongly From The Extreme Blue Box Area
August 7, 2023 By Hassan Sheikh
In this technical blog, we will look at the past performance of the 4-hour Elliott Wave Charts of XLY. We presented to members at the elliottwave-forecast. In which, the rally from 13 March 2023 low unfolded as an impulse structure. And showed a higher high sequence favored more upside extension to take place. Therefore, we advised members not to sell the ETF & buy the dips in 3, 7, or 11 swings at the blue box areas. We will explain the structure & forecast below:
XLY 4-Hour Elliott Wave Chart From 8.02.2023


Here’s the 4hr Elliott wave chart from the 8/02/2023 update. In which, the cycle from the 3/13/2023 low ended in wave (3) as an impulse structure at $177.80 high. Down from there, the ETF made a pullback in wave (4) to correct that cycle. The internals of that pullback unfolded as Elliott wave zigzag structure where wave A ended at $170.01 low. Wave b bounce ended at $175.25 high and wave C managed to reach the blue box area at $167.44- $162.61. From there, buyers were expected to appear looking for the next leg higher or for a 3 wave bounce minimum.
XLY Latest 4-Hour Elliott Wave Chart From 8.06.2023


This is the latest 4hr Elliott wave Chart from the 8/06/2023 Weekend update. In which the ETF is showing a strong reaction higher taking place, right after ending the zigzag correction within the blue box area. Allowed members to create a risk-free position shortly after taking the long position at the blue box area. However, a break above $177.80 high is still needed to confirm the next extension higher & avoid a double correction lower.
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Source:https://elliottwave-forecast.com/sto...-extreme-area/

Dollar Index ( DXY ) Elliott Wave Zig Zag Pattern Forecasting The Path
August 7, 2023 By EWF Vlada
Hello fellow traders. In this technical blog we’re going to take a quick look at the Elliott Wave charts of Dollar Index. As our members know, DXY has recently given us correction against the 104.72 peak. Recovery formed Elliott Wave Wave Zig Zag Pattern. In the further text we are going to explain the Elliott Wave Pattern and the Forecast.
Before we take a look at the real market example, let’s explain Elliott Wave Zigzag pattern.
Elliott Wave Zigzag is the most popular corrective pattern in Elliott Wave theory . It’s made of 3 swings which have 5-3-5 inner structure. Inner swings are labeled as A,B,C where A =5 waves, B=3 waves and C=5 waves. That means A and C can be either impulsive waves or diagonals. (Leading Diagonal in case of wave A or Ending in case of wave C) . Waves A and C must meet all conditions of being 5 wave structure, such as: having RSI divergency between wave subdivisions, ideal Fibonacci extensions and ideal retracements.


DXY H4 Elliott Wave Analysis 07.27.2023
DXY is showing higher high sequences from the 07/13 low. We got 5 waves up in the first leg (a). Then the price has given us corrective pattern in (b) blue, after which we got rally toward new highs again. At the moment Dollar index is showing higher high sequences. Recovery looks incomplete, calling for further strength toward 102.61-103.1 area. More upside should ideally follow in DXY as far as the price stays above (b) blue low : 100.55. As the first leg of correction has 5 waves structure, we assume recovery is having form of Elliott Wave Zig Zag. Consequently we expect to see 5 waves up in the (c) leg as well.
You can learn more about Zig Zag Elliott Wave Patterns at our Free Elliott Wave Educational Web Page.


DXY H4 Elliott Wave Analysis 07.27.2023
100.55 pivot held well during the short term correction and Dollar found further support as we expected. We got rally in Dollar index and target area is already reached at 102.61-103.1. As far as the price stays below 102.84 high, we can count correction completed. However , we would like to see further separation lower from that high to confirm next leg down is in progress.
Keep in mind market is dynamic and presented view could have changed in the mean time. You can check most recent charts in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences.We put them in Sequence Report and best among them are shown in the Live Trading Room.


Elliott Wave Forecast
We cover 78 instruments in total, but it’s important to keep in mind that not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room. If not a member yet, Sign Up for 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.
Please keep in mind that we don’t make the market and our forecasts don’t have 100% accuracy. However, we do have a system which allows us to get out Risk Free + cash partial profit from the trade, even if primary analysis gets wrong. Join us now and start learning from market experts. If you are looking for professional real-time analysis in Forex, Indices, commodities,Crypto currencies , stocks and ETFs you have come to the right place.
Welcome to Elliott Wave Forecast !
Source:https://elliottwave-forecast.com/ell...ecasting-path/

Nikkei ( $NKD_F ) Should Find Extreme In Wave 4 Pullback Soon
The Short term view in Nikkei futures ticket symbol: $NKD_F suggests that the index is doing a bigger pullback in wave (4) to correct the cycle from the 03 January 2023 low. The index is expected to find the extreme in the pullback soon. Before it can start the next leg higher or it does a 3-wave reaction higher at least. So far the pullback from the peak is unfolding as Elliott wave zigzag correction where wave A ended at 31800 low. Up from there, wave B bounce unfolded in a lesser degree flat correction with wave ((a)) completed at 33260 high. Wave ((b)) ended at 32030 low and then wave ((c)) ended in a lesser degree 5 waves at 33502 high thus completing wave B.
Down from there, the index made a new low below the previous wave A low. And confirmed the next extension in the C leg lower. Whereas the wave ((i)) ended at 31690 low in a lesser degree 5 waves impulse sequence. Above from there, the index is doing a bounce in wave ((ii)) in a lesser degree zigzag structure. Where small wave (a) ended at 32310. Wave (b) ended at 31820 and wave (c) should end between 32455- 32849 100%-161.8% Fibonacci extension area of (a)-(b). From there, the index is expected to resume the decline for a push towards 31274- 30748 bigger extreme area before it could resume higher again or ends up doing a 3-wave bounce minimum. Near-term, as far as bounces fail below 33502 high expect index to extend in C leg lower.
Nikkei 1 Hour Elliott Wave Chart From 8.08.2023


Nikkei Elliott Wave Video

Southern Copper (SCCO) Favors Upside & Should Remain Supported
August 8, 2023 By EWFRaj
Southern Copper Corporation (SCCO) engages in mining, exploration, smelting & refining of Copper & other minerals in Peru, Mexico, Argentina, Ecuador & Chile. The company is based in Phoenix, Arizona, US, comes under Basic Materials Sector & trades as “SCCO” ticker at NYSE.
As discussed in previous article, SCCO favors pullback in ((2)), which ended at $64.66 low. Above there, it resumes higher in (1) of ((3)) of III as the part of impulse sequence. It already breaks above ((1)) & I high confirm the bullish sequence trading at all time high. So, it expects to find support in 3, 7 or 11 swings at extreme areas to resume higher.
SCCO – Elliott Wave View From 5.22.2023:

It placed I at $83.15 high & II at $42.42 low as flat correction in weekly sequence. Above there, it favors higher in wave (1) of ((3)) of III. It placed (1) of ((1)) at $49.41 high & (2) at $45.17 low. It extended higher in (3), which ended at $78.76 high & placed (4) at $66.47 low as 0.32 Fibonacci retracement. Finally, it ended (5) at $82.05 high as ((1)). It corrected lower in ((2)) as zigzag correction, which ended at $64.66 low.
SCCO – Elliott Wave Latest Daily View:

Above ((2)) low, it resumes higher in (1) of ((3)) as it confirms higher high sequence. It placed 1 of (1) at $74.88 high, 2 at 67.64 low & 3 at $87.59 high. Currently, it favors pullback in 4 & expect small downside before turning higher in 5 of (1). Once it completed (1) sequence, it expects to pullback in (2) in 3, 7 or 11 swings & we like to buy the pullback at extreme areas for the next sequence up.
Elliottwave Forecast updates 1-hour charts four times a day & 4-hour charts once a day for all our 78 instruments. We do a daily live session, where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market at the moment. You can try us for 14 days for only $9.99.
Source:https://elliottwave-forecast.com/sto...favors-upside/

OIL ($CL_F) Impulse Sequence Supports More Upside
The short-term Elliott wave view in the OIL futures ($CL_F) suggests that the cycle from the 12 June 2023 low is unfolding in an impulse sequence that supports more upside in the instrument. Up from that low, the wave ((i)) ended at $72.72 high in a lesser degree 5 waves. While wave ((ii)) ended at 67.05 low and wave ((iii)) also unfolded in a lesser degree 5 waves sequence. In which, wave (i) of ((iii)) ended at $77.33 high.
Down from there, the pullback to the $73.84 low ended wave (ii) & the instrument rallied higher again. The rally to the $82 high ended wave (iii) & a pullback in wave (iv) ended at $78.69 low. Then a push higher towards $83.30 high ended wave (v) and thus completed the wave ((iii)). From there, OIL did a 3 wave pullback within wave ((iv)) as a zigzag structure where wave (a) ended at $81.52. Wave (b) ended at $82.55 and wave (c) ended at $79.90 low. Near-term, as far as dips remain above the $79.90 low the OIL is expected to resume the upside in wave ((v)) towards $84.09- $85.39 area, which is the inverse 123.6-161.8% target area of wave ((iv)) minimum before a pullback happens.
OIL 1 Hour Elliott Wave Chart From 8.09.2023


OIL Elliott Wave Video

General Electric Co. ($GE) Reacts Higher From The Blue Box Area.
August 8, 2023 By EWFTaha
Hello everyone. In today’s article, we will look at the past performance of the 1 Hour Elliott Wave chart of General Electric Co. ($GE) The rally from 6.23.2023 low unfolded as a 5 wave impulse with an incomplete bullish sequence from 7.19.2023 low. So, we advised members to buy the pullback in 7 swings at the blue box area ($112.75 – 109.95). We will explain the structure & forecast below:
$GE 1H Elliott Wave Chart 8.01.2023:
Here is the 1H Elliott Wave count from 8.01.2023. The rally from 7.19.2023 at black ((ii)) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 7 swings at $112.75 – 109.95 where we entered as buyers.
$GE Latest 1H Elliott Wave Chart 8.08.2023:
Here is the latest 1H update from 8.08.2023 showing the move taking place as expected. The stock has reacted higher from the blue box allowing longs to get a risk free position. The pullback can become 11 swings where we will like to buy it again should that happen. Near term, we like it higher towards a new high for the year towards $119 before another pullback can happen.

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Source:https://elliottwave-forecast.com/sto...blue-box-area/

$RRC: Gas Producer Range Resources Starting Next Bullish Cycle
August 9, 2023 By EWF Helgi
Range Resources is an U.S. american corporation which has its headquarters in Fort Worth, Texas, USA. Founded in 1976 and traded under tickers $RRC at NYSE, it is a component of the S&P400 index. Range Resources is the 7th largest U.S. producer of natural gas and possesses the reserves in the Appalachian Basin, the Barnett Shale in Texas, and the Marcellus Shale in Pennsylvania. The company has been investing in new technologies to shape new standards for shale development. This includes their commitment to sustainable operations and emission-reducing technologies. Currently, we can see natural gas turning higher after the years of depressed prices. Therefore, Range Resources being a pure player in that awakening commodity should become a good opportunity for investors to participate in the anticipated rally in natural gas prices.
Range Resources Monthly Elliott Wave Analysis 08.09.2023
The monthly chart below shows the Range Resources shares $RRC traded at New York Stock Exchange. From the all-time lows, the stock price is showing a nesting price action. Firstly, initial impulse in black wave ((I)) of grand super cycle degree has ended in April 2014 by printing the all-time highs at $95.41. Hereby, blue wave (III) shows an extension and blue wave (IV) a converging Elliott wave triangle structure. From $95.41 highs, a consolidation in black wave ((II)) as a double three pattern has set an important bottom in March 2020 at 1.61 lows.
Secondly, from the March 2020 lows, new cycle in black wave ((III)) has started. Within it, $RRC price action has formed an intial nest in red waves I-II. Currently, red wave III is in progress and should extend higher. Hereby, target for red wave III is 58.35-80.49 area and even higher. In the long-term, target for black wave ((III)) is 97.03-156.06 area and beyond.


Range Resources Daily Elliott Wave Analysis 08.09.2023
The Daily chart beow shows the consolidation in red wave II from the peak of wave I and first stages of the red wave III in more detail. Firstly, red wave II has unfolded as a zigzag pattern being 5-3-5 structure. From June 2022 highs at $37.44, the initial drop in black wave ((A)) has printed a low the same month at $23.61. Then, bounce in black wave ((B)) has set a connector in August 2022 at $36.68. From there, black wave ((C)) demonstrates an Elliott wave ending diagonal pattern being 3-3-3-3-3 structure. When comparing black waves ((A)) and ((C)), typically, 3rd swing reaches at least 100% extension of the thirst swing being $22.51 level. One can see that $RRC has missed that level and has turned higher.
It is the preferred view, that red wave II has ended in February 2023 at $22.61 lows. While above there, red wave III might be in progress. As a matter of fact, $RRC should break $37.44 highs to confirm wave III and rule out a double correction in red wave II. In shorter cycles, one can see 3 nests from February 2023. Right now, acceleration higher within black wave ((iii)) is taking place. Using Fibonacci extenisons, it can reach higher within 32.28-36.24 area and even beyond. Investors and traders should be waiting the black wave ((1)) to break above $37.44 first. Only then, they can buy $RRC in a pullback as black wave ((2)) against $22.61 lows in 3, 7 swings.


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Source:https://elliottwave-forecast.com/sto...bullish-cycle/

SPX Pullback In Wave 4 Should Find Support Again
The short-term Elliott wave view in S&P 500 (SPX) suggests that the rally from the 3.13.2023 low unfolded as a 5 waves impulse structure. Up from 3.15.2023 low, wave ((i)) ended at $4186.92. Dip in wave ((ii)) ended at $4048.28 low and the rally to $4458.48 high ended wave ((iii)). Down from there, the pullback to 4385.05 low & started the wave ((v)) higher. Up from there, wave (i) ended at $4440.39, and a pullback in wave (ii) ended at $4389.92. Index extends higher in wave (iii) towards $4578.43 and dip in wave (iv) ended at $4527.56 high.
The final leg higher wave (v) ended at $4599.85 high, which completed wave 3 & also the cycle from 3.15.2023 low. Below from there, the index is doing a pullback in wave 4, which is expected to find support in 3, 7, or 11 swings for further upside. Down from wave 3, the pullback is unfolding as Elliott wave zigzag correction where wave ((a)) ended at $4474.55 low. Then wave ((b)) bounce ended at $4519.84 high and ((c)) is expected to extend lower towards $4394.65- $4317.36 100%-161.8% Fibonacci extension area of ((a))-((b)). Also, wave 4 typically ends somewhere at the 23.6 – 38.2% Fibonacci retracement of wave 3. That area comes at $4419.19 – $4308.22, which also coincides with the 100%-161.8% Fibonacci extension area of ((a))-((b)) as well. From there, the Index can find buyers for further upside.
SPX 1 Hour Elliott Wave Chart From 8.10.2023


SPX Elliott Wave Video

GDX Lower Low Sequence Supports More Downside
The short-term Elliott wave view in GDX suggests that the cycle from the 5 May 2023 peak is showing a 5 swings lower low sequence in higher time frame charts. Supporting more downside in the instrument. The decline from that peak is unfolding as an Elliott wave zigzag correction where wave (A) ended at $30.11 low. Wave (B) bounce unfolded as a lesser degree flat correction where wave A ended at $32.30 high. Wave B ended at $28.76 low, and wave C ended at $32.92 high thus completing wave (B).
Down from wave (B) high the decline is unfolding as an impulse sequence favoring more weakness. Whereas wave ((i)) ended at $31.01 low. Wave ((ii)) ended at $31.98 high, wave ((iii)) ended at $28.67 low, wave ((iv)) ended at $29.61 high. Below from there, wave ((v)) remains in progress with a minimum extension target coming at $28.45- $28.09 area lower before the next bounce happens. Near-term, as far as bounces fail below $31.98 & more importantly below $32.92 high the GDX is expected to extend lower to reach the extreme from May peak towards $26.77- $22.98 target area before a turn in favor of the ETF happens.
GDX 1 Hour Elliott Wave Chart From 8.11.2023


GDX Elliott Wave Video

American Express (AXP) Structure Shows Financial Crisis Are Coming
August 11, 2023 By EWFLuis
American Express Company (Amex), symbol AXP, is an American multinational financial services corporation that specializes in payment cards. Headquartered in New York City, it is one of the most valuable companies in the world and one of the 30 components of the Dow Jones Industrial Average.
AXP Weekly Chart August 2023


We believe that the AXP ended a Great Super Cycle at the peak of 199.55 which we call wave ((I)). From there, started a bearish structure (a), (b), and (c). Wave (a) built a leading diagonal. The first fall reached 155.72 ending wave I. The market rebounded strongly ending wave II at 194.35 and then continued with the bearish movement. We can see from wave II a clear impulse lower to complete wave III at 134.12. Then the wave IV correction ended at 166.06, within the wave I zone thus creating the leading diagonal. Finally, the last leg towards 130.65 ended wave V and wave (a) in October 2022.
In this month the structure of the corrective wave (b) began to develop. To date we see that it has already completed 3 swings higher, and it could have finished the correction of wave (b) without any problem. However, given the price action of markets like the SPX, DAX, and currencies like the dollar, everything points to wave (b) are going to perform a double correction. That is why the first 3 swings up completed the wave “w” at 182.15 and the connector “x” at 146.28. From here we look for 3 more swings up to complete wave “y” and wave (b) above 190.
When Could the Financial Crisis Start?
With the forecast of the retesting of the peak of 199.55 by wave (b), an Elliott Wave flat structure is being created. This means that wave (c) is going to have a strong bearish reaction as shown on the chart. 5 waves to the downside in the form of an impulse would be expected to complete wave (c) and wave ((II)) before continuing the rally. The start of this situation could occur in the last two months of 2023 or in the first 2 months of 2024. We must be vigilant, as apparently a financial crisis is coming next year. (If you want to learn more about Elliott Wave Theory, follow these links: Elliott Wave Education and Elliott Wave Theory).
Elliottwave Forecast updates one-hour charts 4 times a day and 4-hour charts once a day for all our 78 instruments. We do a daily live session where we guide our clients on the right side of the market. In addition, we have a chat room where our moderators will help you with any questions you have about what is happening in the market.
Source:https://elliottwave-forecast.com/sto...crisis-coming/

CHFJPY Made The Rally After 3 Waves Pull Back
August 13, 2023 By EWF Vlada
Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of CHFJPY forex pair published in members area of the website. As our members know CHFJPY is showing impulsive bullish sequences in the cycle from the January 2023 low. The pair has recently made pull back against the 158.8 pivot. The pair made clear 3 waves correction and gave us rally toward new highs as expected. In further text we’re going to explain the Elliott Wave pattern and trading setup.
CHFJPY Elliott Wave 1 Hour Chart 08.06.2023
The pair has made 5 waves up in the rally from the 158.8 low which is labeled as wave ((i)) black. Current view suggests the pair can be still doing wave ((ii)). Pull back looks incomplete at the moment. So, we assume (c) blue leg is still in progress. The pair should ideally make another leg down toward 161.8-160.6 area – buyers zone. As our members know Blue boxes are based on 100% – 161.8% Fibonacci extension area , that we trade in 3, 7, or 11 swing corrective sequence. Once bounce reaches 50 Fibs against the(b)blue high , we will make long position risk free ( put SL at BE) and take partial profits. Invalidation for the long trades is break of 1.618 fib ext : 160.59
You can learn more about Elliott Wave Double Three Patterns at our Free Elliott Wave Educational Web Page.


CHFJPY Elliott Wave 1 Hour Chart 08.06.2023
CHFJPY made another leg down as we expected. However pull back missed to reach equal legs area by a few points. Correction completed slightly above equal legs area ( 161.81) at 161.9 low. The pair left us without the trade this time. Eventually we got break toward new highs as expected. We don’t recommend selling it and favor the long side still. We expect the intraday pull backs to keep finding buyers in 3,7,11 swings.
Keep in mind not every chart is trading recommendation. You can check most recent charts and new trading setups in the membership area of the site. Best instruments to trade are those having incomplete bullish or bearish swings sequences. We put them in Sequence Report and best among them are shown in the Live Trading Room.

Attached Image (click to enlarge)

Elliott Wave Forecast
We cover 78 instruments in total, but it’s important to keep in mind that not every chart is trading recommendation. We present Official Trading Recommendations in Live Trading Room. If not a member yet, Sign Up for 14 days Trial now and get access to new trading opportunities. Through time we have developed a very respectable trading strategy which defines Entry, Stop Loss and Take Profit levels with high accuracy.
Please keep in mind that we don’t make the market and our forecasts don’t have 100% accuracy. However, we do have a system which allows us to get out Risk Free + cash partial profit from the trade, even if primary analysis gets wrong. Join us now and start learning from market experts. If you are looking for professional real-time analysis in Forex, Indices, commodities,Crypto currencies , stocks and ETFs you have come to the right place.
Welcome to Elliott Wave Forecast !
Source:https://elliottwave-forecast.com/tra...lly-pull-back/

Tesla (TSLA) Correction Remains in Progress

Tesla (TSLA) cycle from July 19, 2023 high remains in progres. The cycle has a 100% – 161.8% Fibonacci extension area target of 198.9 – 227.6. Near term, cycle from July 31 high is in progress as an impulse Elliott Wave structure. Down from July 31 high, wave ((i)) ended at 250.49 and wave ((ii)) rally ended at 264.79 as the 30 minutes chart below shows. The stock then extended lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 253.1 and rally in wave (ii) ended at 257.5. Wave (iii) lower ended at 242.76 and wave (iv) ended at 252.48. Final wave (v) ended at 241.32 which completed wave ((iii)).

Rally in wave ((iv)) ended at 251.80 with internal subdivision as a zigzag Elliott Wave structure. Up from wave ((iii)), wave (a) ended t 244.4, pullback in wave (b) ended at 242, and wave (c) higher ended at 251.80 which also completed wave ((iv)). The stock has resumed lower in wave ((v)) with internal subdivision as an impulse. Down from wave ((iv)), wave (i) ended at 238.02, and rally in wave (ii) ended at 243.79. Wave (iii) lower ended at 233.75, and wave (iv) ended at 240.65. Near term, as far as pivot at 264.79 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

TSLA 30 Minutes Elliott Wave Chart

Attached Image (click to enlarge)

TSLA Elliott Wave Video

Inserted Video

Source: https://elliottwave-forecast.com/new...ains-progress/
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NVIDIA Corp. ($NVDA) Found Buyers After a Corrective Pull Back.
August 14, 2023 By EWFTaha
Hello everyone. In today’s article, we will look at the past performance of the 4 Hour Elliott Wave chart of NVIDIA Corp. ($NVDA) The rally from 10.13.2022 low unfolded as a 5 wave impulse breaking to new all time highs with an incomplete bullish sequence from 2.28.2023 low. So, we expected the pullback to unfold in 7 swings and find buyers. We will explain the structure & forecast below:
$NVDA 4H Elliott Wave Chart 8.09.2023:
Here is the 4H Elliott Wave count from 8.09.2023. The rally from 2.28.2023 at black ((2)) unfolded in a 5 wave impulse which signaled a bullish trend. We expected the pullback to find buyers in 7 swings against $203.95 low.
$NVDA Latest 4H Elliott Wave Chart 8.14.2023:
Here is the latest 4H update from 8.14.2023 showing the bounce taking place as expected. The stock has reacted higher after doing 7 swings lower allowing longs to get a risk free position. The bounce can continue higher towards $500 and print a new high for the year OR can fail and become 11 swings lower where we will like to buy it again should that happen.

Elliott Wave Forecast
We cover 78 instruments, but not every chart is a trading recommendation. We present Official Trading Recommendations in the Live Trading Room. If not a member yet, Sign Up for Free 14 days Trial now and get access to new trading opportunities.
Welcome to Elliott Wave Forecast!
Source:https://elliottwave-forecast.com/sto...ive-pull-back/

Eli Lilly & Company (LLY) Remains Supported In Bullish sequence
August 15, 2023 By EWFRaj
Eli Lilly & Company (LLY) discovers, develops & markets human pharmaceuticals worldwide. It is based in Indianapolis, Indiana, US, comes under Healthcare sector & trades as “LLY” ticker at NYSE.
As shown from previous article, LLY favors higher in ((3)) of III as the part of impulse sequence & expect to extend towards 584 or higher levels before it may correct lower in ((4)).
LLY – Elliott Wave View From 7.09.2023:

In Weekly sequence, it finished (I) at $92.85 high in September-2015 & (II) at $64.18 low in November-2016. Above there, it favors higher in (III) of ((III)), in which it placed I at $132.13 high & II at $101.36 low. It favors higher in third wave extension in III red & expect more upside towards 584 or higher levels. It placed ((1)) at $375.25 high & ((2)) at $309.20 low. Within ((1)), it finished (1) at $170.75 as diagonal structure & (2) at $129.21 low as 0.618 Fibonacci retracement. It placed (3) at $335.33 high, (4) at $296.32 low & (5) at $375.25 high as ((1)).
LLY – Elliott Wave Latest Weekly View:

Above ((2)) low, it placed (1) of ((3)) at $469.87 high & (2) correction at $434.34 low. Currently, it favors higher in third swing of (3) of ((3)) & expect further upside before it may pullback in fourth swing followed by final push higher to finish (3). We like to buy the short-term pullback in 3, 7 or 11 swings at extreme areas for further upside in ((3)) of III.
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Silver (XAGUSD) Short Term Bearish Structure

Silver (XAGUSD) cycle from 5.5.2023 high remains in progress with extreme area target of 18.78 – 21.26. Near term, cycle from 7.27.2023 high is in progress as a 5 waves impulse Elliott Wave structure. Down from 7.27.2023 peak, wave ((i)) ended at 24.03 and wave ((ii)) rally ended at 24.85. The 1 hour chart below shows the wave ((ii)) starting point. The metal then extended lower in wave ((iii)). Down from wave ((ii)), wave (i) ended at 23.37 and rally in wave (ii) ended at 23.78. The metal extended lower in wave (iii) towards 22.6 and rally in wave (iv) ended at 23. Final leg wave (v) ended at 22.21 which completed wave ((iii)).

Corrective bounce in wave ((iv)) is proposed complete at 22.70. Expect the metal to extend lower in wave ((v)) to complete wave 3 in higher degree. Afterwards, it should rally in wave 4 to correct cycle from 7.27.2023 high before it resumes lower again. As far as pivot at 24.85 high stays intact, expect wave 4 rally to fail in 3, 7, or 11 swing for further downside in wave 5. Potential target lower is the extreme area from 5.5.2023 peak at 18.78 – 21.26 where buyers should appear.

XAGUSD 60 Minutes Elliott Wave Chart

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XAGUSD (Silver) Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...ish-structure/
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Nifty Looking to Complete 7 Swing Elliott Wave Structure

Short Term Elliott Wave structure in Nifty suggests cycle from 7.20.2023 high is in progress as a double three structure. Down from 7.20.2023 high, wave (a) ended at 19615.95 and rally in wave (b) ended at 19876.55. The Index then extended lower in wave (c) towards 19296.45 and it completed wave ((w)) in higher degree. The Index then corrected in wave ((x)) as a zigzag. Up from wave ((w)), wave (a) ended at 19634.4 and wave (b) ended at 19467.5. Wave (c) higher ended at 19645.5 which completed wave ((x)) in higher degree.

The Index then extended lower in wave ((y)) with internal subdivision as another double three in lesser degree. Down from wave ((x)), wave (w) ended at 19257.9. Expect wave (x) rally to fail below wave ((x)) high at 19645.5 for further downside in wave (y) of ((y)) to complete wave 4. Afterwards, the Index should resume higher again. Potential target lower is 100% – 161.8% Fibonacci extension of wave ((w)) which comes at 18523.69 – 18951.54. Near term, as far as pivot at 19994.66 high stays intact, expect rally to fail in 3, 7, or 11 swing for further downside.

Nifty 60 Minutes Elliott Wave Chart

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Nifty Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...ave-structure/
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Berkshire Hathaway (BRK.B) Signals Strong Upside
August 15, 2023 By EWFAyoub
Warren Buffett’s Berkshire Hathaway (NYSE: BRK.A) (NYSE: BRK.B) stands as a beacon of enduring success in the investment world. With a reputation built on prudent financial decisions and a long history of market acumen, Berkshire Hathaway has become synonymous with stability and prosperity. In this article, we dive into the latest developments and signals that suggest a promising bullish trajectory for this iconic conglomerate based on Elliott Wave Theory.
Both classes of Berkshire Hathaway stock represent ownership in the same company, Class A shares come with higher price, more voting power, and the ability to convert into Class B shares. Class B shares offer more accessibility and liquidity for retail investors.
BRK witnessed a pivotal week, surging to a fresh all-time high beyond its 2022 peak. This breakthrough establishes a robust weekly bullish pattern from the 2020 low, signaling prospective upward momentum targeting the $460 – $580 range.
The weekly bullish sequence reinforces the daily cycle above October 2022’s low at $259.85, indicating potential buying chances in subsequent pullbacks of 3, 7, or 11 swings. The current cycle displays a 3-wave pattern from the previous year’s low, indicating potential near-term upside until it completes a 5 waves structure. It’s worth noting that BRK has already entered the equal legs area of $354 – $392 from its 2022 low. This suggests an impending final phase within the current daily cycle. Hence, pursuing the stock in this juncture of the short-term cycle may yield gains but with increased risk.
To sum up, the trajectory of Berkshire Hathaway continues to be bullish, fortified by a fresh bullish sequence bolstering the multi-year cycle. As a result, investors are advised to remain vigilant for potential buying opportunities during forthcoming daily retracements.
BRK.B Daily Chart 8.15.2023

Source:https://elliottwave-forecast.com/unc...strong-upside/

Gold (XAUUSD) Has Scope for Further Downside

Short Term Elliott Wave structure in Gold (XAUUSD) suggests the rally in Gold on 7.27.2023 high ended wave 2. The metal now extends lower in wave 3 a 5 waves impulse. Down from 7.27.2023 high, wave ((i)) ended at 1942.1 and wave ((ii)) rally ended at 1972.35. Down from wave ((ii)), wave (i) ended at 1929.2 and wave (ii) ended at 1946.55. The 1 hour chart below shows the starting point of wave (ii) of ((iii)). From there, the metal extended lower in wave (iii) towards 1913.51 and wave (iv) ended at 1930.15. Final leg wave (v) ended at 1895.90 which completed wave ((iii)). Rally in wave ((iv))) ended at 1911.59.

Expect the metal to end wave ((v)) of 3 soon with another leg lower, then it should rally in wave 4 to correct cycle from 7.27.2023 high before it resumes lower. Near term, as far as pivot at 1946.55 high stays intact, expect rally to fail in 3 or 7 swing for further downside. Potential target lower is 100% – 161.8% Fibonacci extension from 5.4.2023 high which comes at 1685 – 1800. From this area, buyers can appear for at least 3 waves rally.

Gold 60 Minutes Elliott Wave Chart

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Gold Elliott Wave Video

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Source: https://elliottwave-forecast.com/new...cope-downside/
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XLF Incomplete Sequences Calling The Drop Toward Blue Box Area
August 18, 2023 By EWF Vlada
Hello fellow traders. In this technical article we’re going to take a look at the Elliott Wave charts charts of XLF ETF published in members area of the website. As our members know XLF is giving us pull back against the May 3rd low. Correction made clear 3 waves from the peak and reached the Equal Legs zone. In further text we’re going to explain the Elliott Wave forecast.
XLF Elliott Wave 1 Hour Chart 08.09.2023
Current view suggests the price is doing wave ((iv)) pull back. The ETF is showing incomplete sequences in the cycle from the 35.72 peak. At the moment we can count 5 swings down from the peak, which is incomplete structure. As far as the price stays below (x) blue high : 35.47 , we expect to see further extension down in 7th swing, targeting 34.46-33.84 area.
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XLF Elliott Wave 1 Hour Chart 08.09.2023
The price held below 35.47 high and we got the decline as expected. Short term b red recovery ended at 35.25 as 3 waves. At the moment the price is approaching first target at 34.46. Current wave count suggests we are in c red of (y) blue which can keep trading lower toward extreme zone 34.46-33.84. From that zone we can see turn higher again in 3 waves bounce at least. The break below 33.84 would invalidate the count.
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